If you are interested in blockchain or cryptocurrencies then you are going to be interested in Ethereum which is one of the most popular forms of blockchain technology on the planet. There are people making money with ethereum dice and while we are going to discuss ethereum dice a little bit what you need to better understand is how blockchain works.
What is Ethereum?
It is an open source blockchain platform that allows people to send and receive information and funds referred to as ETH. Blockchain is a technology that creates ledgers on multiple computers simultaneously. This data cannot be altered in any way without users becoming aware of it so this technology is great when you want to confirm the validity of a transaction or some other event. What gives blockchain the advantage is no one person or entity owns it so there is no one that can manipulate the data. Once data has been added to the blockchain it is there forever for future reference.
Not only is the blockchain great at keeping track of important data but it can be used to process payments. This currency as mentioned earlier is referred to as ETH however you may have heard of Bitcoin, it is all essentially the same just on different platforms. ETH is used on ethereum and BTC (Bitcoin) is used on alternative platforms.
Whenever a payment is sent via the blockchain the intended recipient will receive the funds in a matter of seconds. The transaction is stored within the blockchain and the cost to transfer those funds is virtually zero. What makes blockchain truly appealing is there is no centralized bank or institution between you and your funds so the cost of doing business is greatly reduced. There is also no risk of having your personal information lost since the only thing required to use this technology is the application and some currency. You simply provide an address and the person paying you will send the funds via the blockchain.
Central governments do not like this technology because they claim criminals can use it to move around huge sums of money that is untaxed. While that is a legitimate concern the larger concern the authorities face is not being able to get their hands on the potential tax revenue. Since there is no centralized authority handling these transactions if your computer hard drive crashes the ETH you have accumulated will be gone forever so this is something you should keep in mind before sending or receiving large sums. Along with the ability to send money you can make money gambling with various websites including those offering dice games. Since the blockchain validates every transaction you will have peace of mind knowing that the website is providing you a “fair shake”. This technology is here to stay so it would be prudent to start using it in your day to day life.